Stocksfield-based legal firm and insurance underwriting agency Clifford James has launched a new, first of its kind, insurance product for the UK market and set its sights on expansion with multiple contract wins alongside the new offering.
In its simplest form, the new Vehicle Diminution Insurance product protects a motor vehicle from losing value if it is damaged and subsequently repaired, as managing director Stewart Fairhurst explains: “Motor vehicles are often the second most valuable asset a person owns. When damaged, even if repaired to the highest standards, that asset still loses 5-20% of its value due to its newly acquired accident history. This loss is borne by the owner of the vehicle, even if there is no fault on their part.
“Our new service protects the vehicle’s owner from that loss of value. This is the first time this kind of protection has been made available to the mainstream market in the UK and we’re very excited to add it to our portfolio.”
One of the UK’s leading diminution service providers, Clifford James is based in Stocksfield, Northumberland and currently employs 12 people across its legal and insurance underwriting services. The firm is set to expand in early 2021 on the back of the new product launch and several major contract wins in late 2020.
The diminution insurance product is aimed at new vehicles which are up to three years old and worth up to a value of £150,000. It is expected to appeal to car dealerships, vehicle manufacturers, lease and finance companies, as well as brokers and motor insurers. The product can be sold on its own or as part of a suite of insurance products such as GAP and breakdown cover.
Vehicle Diminution Insurance is underwritten by an A-rated insurer and benefits from the specialist claims handling expertise of Clifford James’ solicitors.
If you are an insurance broker, distributor or insurance company interested in distributing Clifford James’ innovative diminution insurance product, go to clifford-james.com/services/diminution-insurance or call 0344 88 050 88 for more information.